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US Dollar Remains in a Strong Position versus the Japanese Yen

US Dollar Remains in a Strong Position versus the Japanese Yen

David Rodriguez, Head of Product

NEW: View Real-Time SSI Updates via the FXCM Trading Station Desktop

USDJPY –Retail FX traders continue to hold USD-long positions against the Japanese Yen, and this would normally act as contrarian signal that USD/JPY could decline. Yet the crowd has remained mostly net-long as the USD/JPY traded above ¥120 at the end of 2014. In short: our normal contrarian view of crowd sentiment doesn’t seem to apply to the Japanese Yen.

Total retail volume highlights ¥123.50 as a major support level as overall momentum favors continued Yen weakness (USDJPY gains).

See next currency section: AUDUSD - Australian Dollar Forecast Firmly in Favor of Weakness

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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